BOI stands for Beneficial Ownership Information, a requirement for U.S. organizations to report information about their owners and applicants to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury. The Corporate Transparency Act (CTA) of 2021 created the BOI reporting requirement to increase transparency and make it harder for people to hide ownership structures or benefit from illicit activities.
WHO MUST FILE
A domestic reporting company is a corporation, limited liability company (LLC), or any entity created by the filing of a document with a secretary of state or any similar office under the law of a state or Indian tribe.
WITHIN THIRTY DAYS
Businesses formed on or after January 1, 2024 must file BOI information within 30 days of formation.
BY DECEMBER 31, 2024
Any previously existing entity (on December 31, 2023 or earlier) must file BOI information before December 31, 2024
PENALTY
Penalty for violators and non-filers is $500 Per Day
COMPANY INFO REQUIRED FOR FILING
The are a few pieces of information required for the reporting company:
Legal name and trade name
Complete current address
Jurisdiction of formation
IRS Taxpayer Identification Number (TIN)
OWNER INFO REQUIRED FOR FILING
Under the Corporate Transparency Act, a beneficial owner includes any individual who, directly or indirectly, either:
Exercises substantial control over a reporting company
Owns or controls at least 25 percent of the ownership interests of a reporting company (any persons with significant control should be listed to avoid issues)
FinCEN requires slightly different information from the beneficial owner. They include:
Legal name and trade name
Date of birth
Complete current residential address (as shown on a driver’s license or passport)
A unique identifying number and the issuing jurisdiction from one of several documents (such as a passport or driver’s license)
A PDF of Drivers License or Passport. This document with owner’s unique identifying information must be uploaded via PDF (images and jpegs not allowed)
GBE CPA ROLE
Corporate Transparency Act/Beneficial Ownership Reporting
Assisting you with your compliance with the Corporate Transparency Act (“CTA”), including beneficial ownership information (“BOI”) reporting, is NOT within the scope of our tax, payroll, bookkeeping, consulting, or other engagements with you. You have sole responsibility for your compliance with the CTA, including its BOI reporting requirements and the collection of relevant ownership information. We shall have no liability resulting from your failure to comply with CTA. Information regarding the BOI reporting requirements can be found at <>. Consider consulting with legal counsel if you have questions regarding the applicability of the CTA’s reporting requirements and issues surrounding the collection of relevant ownership information.
SUMMARY
Summary advice from GBE regarding BOI reporting
GBE has NO responsibility for your BOI reporting
Many entity owners are capable of completing their own BOI reporting at https://www.fincen.gov/boi
Seek legal counsel for your business, corporation, or LLC
Separate arrangements may be made for GBE to assist with your reporting. Contact your GBE advisor directly for details.
Pricing starts at $600 for single owner with additional $100 for each additional owner
Requires signed GBE engagement letter
Upfront payment
PDF or paper copy of driver’s license for each owner
Should you or your attorney seek guidance from GBE regarding BOI reporting, consulting fees will be a minimum of $300 to assist you or your legal counsel and answer questions